Crypto Lab
Crypto Lab is a South Korean cryptographic technology company that develops homomorphic encryption software enabling computation on encrypted data, serving enterprise customers in financial services, healthcare, government, automotive, and cloud computing through licensing, technology supply contracts, and cloud marketplace channels.
- Company typePrivate
- Founded2017
- HeadquartersDoksansadong, South Korea
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Crypto Lab does
Crypto Lab (크립토랩) is a South Korean cryptographic technology company that develops homomorphic encryption (HE) software enabling computation on encrypted data without decryption. Founded in 2017 as a Seoul National University spin-off by Professor Jung Hee Cheon, the company holds original patents for the world's first 4th generation CKKS (HEaaN/HyeAn) fully homomorphic encryption scheme supporting real number operations. It serves enterprise customers across financial services, healthcare, government, telecommunications, automotive, and cloud sectors. Crypto Lab has been recognized by Gartner as a sample vendor for homomorphic encryption in 2021, 2022, and 2026 — the only non-US company among the named global leaders alongside Microsoft and IBM.
The company's product portfolio is anchored by the HEaaN Library core FHE engine and supplemented by HEaaN Private AI (encrypted data analytics and ML operations), HEaaN PQC (post-quantum cryptography toolkit), HEaaN.Stat SDK (encrypted statistical analysis), the Encrypted LLM Experience tool, the enVector cloud product (available on Google Cloud Marketplace and as a standalone service), HEaaN Genome Analysis (healthcare), and the newly launched 4.5th generation CKKS encrypted similarity search (ES2). Distribution combines direct enterprise sales with OEM/embedded licensing to global platform providers — most notably a February 2022 licensing agreement with IBM for distribution through IBM's HElayers AI/ML product, plus Naver Cloud, Google Cloud, and Kakao Enterprise partnerships.
Crypto Lab generates revenue through multi-year technology supply contracts (e.g., 3-year Macrogen contract for genome analysis), enterprise licensing royalties, and cloud marketplace subscriptions. The company has raised approximately 21 billion KRW (~$16M) in Series A funding in July 2022 led by Stonebridge Ventures, after seed investment from LG Uplus, Solid, and SJ Investment Partners. It operates from the Seoul National University campus with approximately 30 employees, of whom roughly 25 are developers and researchers in mathematics and cryptography. Leadership was strengthened in August 2023 by the appointment of Damien Stehlé, co-developer of NIST PQC standards CRYSTALS-Kyber and CRYSTALS-Dilithium, as Chief Scientist. The Korean KpqC competition selected Crypto Lab/SNU algorithms SMAUG-T and HAETAE as finalists in 2025, and CKKS is progressing through ISO SC27/WG2 standardization.
Crypto Lab firmographics
Firmographics- Name
- Crypto Lab
- Legal name
- 주식회사 크립토랩
- Website
- http://cryptolab.co.kr/
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Crypto Lab is a South Korean cryptographic technology company that develops homomorphic encryption software enabling computation on encrypted data, serving enterprise customers in financial services, healthcare, government, automotive, and cloud computing through licensing, technology supply contracts, and cloud marketplace channels.
- Ownership category
- akta.pro rank
Crypto Lab industry classification
Industry- Product category
- Cryptographic Software
- NAICS
- Software Publishers (5132)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Quantum-Safe Cryptographic Algorithms & Protocols (PQC) (HDAGAGAC)
- akta.pro secondary industry
- Proof of Reserves, Attestations & On-Chain Audit/Assurance (FSADALAK)
Keywords
Where Crypto Lab is headquartered
LocationHeadquarters
- HQ city
- Doksansadong
- HQ country
- South Korea
- HQ region
- Asia
Offices1 record
Markets served
Crypto Lab business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Technology Licensing: Crypto Lab licenses its HEaaN homomorphic encryption technology to major technology companies. Notable licensing deal with IBM in February 2022 for distribution through IBM's HElayers product. This generates licensing royalties from enterprise customers.
- Technology Supply Contracts: Multi-year technology supply contracts with enterprises requiring homomorphic encryption solutions. Example: 3-year contract with Macrogen for genome data analysis using HEaaN genome analysis solution.
- Software Products and SDKs: Sale of software libraries and toolkits including HEaaN Library, HEaaN Private AI, and HEaaN PQC. Products available on cloud marketplaces (GCP, Naver Cloud) and directly through the company.
- Cloud-Based Services: EnVector product available on Google Cloud Platform Marketplace and as a cloud service (enVector.io), providing homomorphic encryption capabilities as a service.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Enterprise licensing and cloud-based subscription models |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Crypto Lab product offering
Product offeringCore offering
Crypto Lab develops and commercializes software based on the world's first 4th-generation CKKS fully homomorphic encryption (HEaaN) technology. Its core offerings include the HEaaN Library, HEaaN Private AI for encrypted AI/ML analytics, HEaaN PQC for post-quantum cryptography, and enVector cloud products, enabling computation and analysis on encrypted data without decryption for enterprise customers in financial services, healthcare, telecommunications, cloud, automotive, and government sectors.
Product overview
CryptoLab offers a comprehensive portfolio of homomorphic encryption products centered on the HEaaN (혜안) engine, which implements the world's first 4th-generation CKKS fully homomorphic encryption technology with original patents. The core product HEaaN Library provides the foundational encryption engine with world-class performance, supplemented by vertical solutions including HEaaN Private AI for encrypted data analysis, HEaaN PQC for post-quantum cryptography, and the new 4.5-generation encrypted search solution. Cloud deployment options include enVector on Google Cloud Platform and standalone cloud versions. Developer tools include the Encrypted LLM Experience for testing encrypted AI inference and HEaaN.Stat SDK for encrypted statistical analysis. The HEaaN genome analysis solution addresses healthcare applications. All products enable computation and analysis on encrypted data without decryption, providing privacy-preserving data utilization across healthcare, finance, and AI applications.
Differentiator
Problem solved
Functional benefit
Brands
- HEaaN Library: World's highest performance homomorphic encryption SW library with 4th generation fully homomorphic encryption technology providing best-in-class speed, storage, and accuracy.
- HEaaN Private AI
- HEaaN PQC
- enVector
Products and services
- HEaaN Library Fully homomorphic encryption software library implementing the 4th-generation CKKS scheme for enterprises and developers needing to perform computation on encrypted data without decryption.
- HEaaN Private AI
Quantifiable outcome
- 90x faster than Microsoft SEAL for homomorphic encryption operations
- +2 more outcomes
Companies that use Crypto Lab
Customer profileNamed customers13 records
Segments6 records
Ideal customer profiles5 records
Crypto Lab technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability7 records
Feature12 records
Crypto Lab partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered core, flagship and minor.
- NiobiumcoreStrategic partnership to develop privacy-preserving AI technologies combining Crypto Lab's homomorphic encryption software with Niobium's FHE acceleration hardware for improved speed and security in AI data processing. Aims to set global standards for privacy-preserving AI.
- Seoul Asan HospitalcoreJoint research on privacy-preserving multi-institutional prediction model using homomorphic encryption. Research published in JMIR Medical Informatics.
- Macrogencore3-year technology supply contract for genome data analysis using HEaaN genome analysis solution. Collaboration for applying homomorphic encryption to personalized medical services and PRS analysis.
- Laon Secure (라온시큐어)coreMOU for commercialization of PQC and homomorphic encryption-based security solutions. Joint product development for quantum-resistant security products.
- MacrogencoreExpanded partnership for genome data homomorphic encryption technology cooperation including technical education, joint research, and service demonstration.
- Shinhan Financial GroupcoreFirst successful verification of data integration technology using homomorphic encryption in the financial sector. Pioneering private AI applications in Korean finance.
- LG ElectronicscoreMOU for PQC technology cooperation in automotive cybersecurity. Joint development of quantum-resistant security for automotive components and connected car systems.
- IBMflagshipLicensing agreement for HEaaN technology distribution through IBM's HElayers AI machine learning software. IBM leverages Crypto Lab's CKKS homomorphic encryption for AI applications.
- Naver CloudcoreMOU for joint development of homomorphic encryption-based cloud products. Naver Cloud Platform offers HEaaN Homomorphic Analytics service to customers.
- YappGlobalminorMOU for combining IoT beacon technology with homomorphic encryption for infectious disease tracking solutions.
- KB Kookmin BankcoreMOU for homomorphic encryption technology cooperation including joint research, financial service development, and PET technology collaboration. Joint research published at EMNLP 2022 winning Best Paper Award.
- EviDenTminorCollaboration for medical data encryption services in mydata business. EviDenT selected as mydata business operator with Crypto Lab's encryption technology.
- LG UpluscoreLong-standing partnership for PQC and HE technology development. Joint development of ixi-Guardian 2.0 security product and quantum-resistant automotive security solutions demonstrated at CES 2023. LG Uplus received strategic investment from Crypto Lab.
- Samsung ElectronicscoreCollaboration on homomorphic encryption technology development and applications with Samsung's technology ecosystem.
- Seoul National UniversitycoreAcademic partnership with Seoul National University where CEO Jung Hee Cheon is a professor. Origin of company's technology through university research labs.
- Google CloudcoreEnVector product available on Google Cloud Platform Marketplace, providing homomorphic encryption capabilities to GCP customers.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Crypto Lab competitors and assessment
Company assessmentDirect peers
- Zama: Paris-based FHE startup offering the Concrete library and fhEVM for homomorphic encryption on integers/booleans. Direct competitor to Crypto Lab's HEaaN Library in the developer-facing FHE toolkit market, with similar stage and enterprise traction focus.
- Inpher: Enterprise FHE platform for privacy-preserving analytics and machine learning on encrypted data. Closely comparable to HEaaN Private AI's value proposition targeting financial services and regulated industries.
- Duality Technologies: Enterprise homomorphic encryption and secure multi-party computation platform for collaborative analytics on sensitive data. Comparable to Crypto Lab's data collaboration use cases in healthcare, finance, and government.
- Enveil: FHE-based secure search and analytics company serving financial services and federal markets. Directly comparable to enVector's encrypted search functionality and Crypto Lab's HEaaN Private AI positioning.
- PQShield: UK-based post-quantum cryptography pure-play providing PQC software and hardware IP. Direct competitor in the HEaaN PQC product line, particularly relevant as NIST PQC migration accelerates globally.
Emerging players
- TripleBlind: Privacy-enhancing technology company offering privacy-preserving computation across multiple PETs (FHE, MPC, DP) for healthcare and financial data collaboration. Overlaps with Crypto Lab's regulated-industry data collaboration use cases.
- Optalysys: UK startup developing optical/photonic hardware accelerators specifically for fully homomorphic encryption. Comparable to Crypto Lab's BTS hardware accelerator initiative and relevant to its Niobium hardware partnership strategy.
Broad incumbents
- Microsoft SEAL: Microsoft Research's open-source FHE library (BFV/CKKS schemes) widely used as a developer baseline. Crypto Lab claims 90x performance advantage over SEAL; SEAL's free availability and Microsoft ecosystem create a credible open-source alternative for HEaaN.
- IBM HElayers: IBM's FHE AI/ML development platform that already licenses Crypto Lab's HEaaN. As both customer and adjacent competitor, IBM could internalize competing primitives, putting Crypto Lab at risk of revenue capture or displacement.
Others
- Niobium: US-based FHE hardware accelerator company and Crypto Lab's strategic co-development partner (announced October 2024). Provides FHE acceleration silicon for encrypted AI workloads, an enabling/adjacent technology rather than direct competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Crypto Lab social profiles
Digital presenceCrypto Lab financial estimates
Financial estimateRevenue estimate
Valuation estimate
Crypto Lab leadership team
Management profileNumber of profiles
Profiles2 records
Crypto Lab funding detail
Funding detailFunding overview
Funding rounds5 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Crypto Lab M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Crypto Lab
What does Crypto Lab do?
Crypto Lab develops and commercializes software based on the world's first 4th-generation CKKS fully homomorphic encryption (HEaaN) technology. Its core offerings include the HEaaN Library, HEaaN Private AI for encrypted AI/ML analytics, HEaaN PQC for post-quantum cryptography, and enVector cloud products, enabling computation and analysis on encrypted data without decryption for enterprise customers in financial services, healthcare, telecommunications, cloud, automotive, and government sectors.
Is Crypto Lab a public or private company?
Crypto Lab is a private company. It is classified as venture growth investor backed and is currently operating.
When was Crypto Lab founded?
Crypto Lab was founded in 2017. It employs 11 to 50 people.
Where is Crypto Lab based?
Crypto Lab is headquartered in Doksansadong, South Korea, in the Asia region.
How does Crypto Lab make money?
Four revenue lines are on record. Technology Licensing is the primary driver. The others are technology Supply Contracts, software Products and SDKs and cloud-Based Services.
Who are Crypto Lab's main competitors?
Direct peers on record are Zama, Inpher, Duality Technologies, Enveil and PQShield. Emerging players are TripleBlind and Optalysys. Broad incumbents are Microsoft SEAL and IBM HElayers. Niobium is listed as an others.
Does Crypto Lab have an API?
No public API is recorded for Crypto Lab.
What industry is Crypto Lab in?
Crypto Lab's product category is Cryptographic Software. Its primary akta.pro industry code is HDAGAGAC, Quantum-Safe Cryptographic Algorithms & Protocols (PQC), with a secondary code of FSADALAK, Proof of Reserves, Attestations & On-Chain Audit/Assurance. Its NAICS code is 5132 and its SIC code is 6200.